Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, has sold a development site in the Bronx for $5.625 million. Director Scott Burk represented the seller and procured the buyer, a private medical group.
Located at 1976 Crotona Pkwy. and 1975 Honeywell St., the two block-through properties span 17,343 square feet and feature 64,775 square feet of air rights.
The buyer was attracted to the site’s central Bronx location. Plans call for redeveloping the property into a medical facility.
“This property is the perfect purchase for the buyer because of its central Bronx location and ability to add to the existing structure with a basis of $87 per buildable foot,” said Burk. “Even with escalating land prices, which have doubled and tripled in some areas of the Bronx, it still made sense for the buyer to build instead of renovating an existing building.”
Pictured: 1976 Crotona Pkwy.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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